JSBL records profit of over Rs13bn, sees 29% growth

MG News | March 03, 2025 at 09:12 AM GMT+05:00

0:00

March 03, 2025 (MLN): JS Bank Limited (PSX: JSBL) posted a consolidated profit of Rs13.36 billion for the year ended December 31, 2024, reflecting a 28.75% increase from Rs10.37bn recorded in the previous year.

However, the earnings per share (EPS) declined by 16.17% to Rs5.03 from Rs6.

The bank’s profit growth was driven by an 87.18% surge in net mark-up/interest income, which reached Rs73.96bn compared to Rs39.51bn last year.

This increase was supported by a 67.76% rise in mark-up/interest earned, amounting to Rs221.45bn.

Meanwhile, non-markup income also contributed, rising by 23.34% to Rs16.28bn, mainly due to a 288.64% increase in gains on securities.

On the expense side, non-markup expenses grew significantly by 66.19% to Rs52.15bn, driven by a 65.81% rise in operating expenses and a 99.42% jump in the Workers' Welfare Fund contributions.

The bank also recorded a 23.15% increase in credit loss allowances, amounting to Rs7.41bn.

Taxation expenses more than doubled, increasing by 108.63% to Rs17.31bn, which impacted the overall profitability.

The bank’s profit before tax stood at Rs30.68bn, up 64.25% year-on-year.

A notable rise was seen in the contribution from non-controlling interest, which surged by 232.98% to Rs3.05bn.

Meanwhile, profit attributable to equity holders of the bank increased modestly by 8.97% to Rs10.30bn.

Consolidated Profit and Loss For The Year Ended December 31, 2024 Rupees ('000)
Description	Dec-24	Dec-23	%Change
Mark-up / Return / Interest / Profit Earned	221,453,179	132,009,866	67.76%
Mark-up / Return / Interest / Profit Expensed	147,488,285	92,495,086	59.46%
Net Mark-up / Interest / Profit	73,964,894	39,514,781	87.18%
Non Mark-up / Interest Income
Fee and Commission Income	8,982,540	5,927,547	49.85%
Dividend Income	451,838	482,582	-6.37%
Foreign Exchange Income	4,269,745	5,872,014	-27.29%
Income / (Loss) from Derivatives	24,937	(16,426)	-251.81%
Gain on Securities - Net	1,495,426	384,782	288.64%
Net Gains / (Losses) on Derecognition of Financial Assets Measured at Amortised Cost	-	-
Share of Profit / (Loss) of Associates	409,539	(60,843)	-773.11%
Other Income	288,387	605,011	-52.33%
Total Non Mark-up / Interest Income	16,282,912	13,201,867	23.34%
Total Income	90,247,806	52,716,648	71.19%
Non Mark-up / Interest Expenses
Operating Expenses	51,350,253	30,969,655	65.81%
Workers' Welfare Fund	659,542	330,734	99.42%
Other Charges	134,606	81,686	64.78%
Total Non Mark-up / Interest Expenses	52,154,401	31,381,866	66.19%
Profit Before Credit Loss Allowance	38,093,405	21,334,782	78.55%
Credit Loss Allowance and Write-offs - Net	7,414,240	6,020,259	23.15%
Bargain Purchase Gain on Acquisition of Subsidiary	-	3,363,805
Profit Before Taxation	30,679,165	18,678,328	64.25%
Taxation	17,319,093	8,301,497	108.63%
Profit After Taxation	13,360,072	10,376,831	28.75%
Attributable To:
Equity Holders of the Bank	10,309,369	9,460,639	8.97%
Non-controlling Interest	3,050,703	916,195	232.98%
Total Profit After Taxation	13,360,072	10,376,831	28.75%
Earnings Per Share - Basic and Diluted	5.03	6	-16.17%

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